OMVKY - OMV Still Has Reasonable Upside Despite Weak Q1
I would be glad to say that Austrian integrated energy company OMV AG (OMVJF) (OMVKY), which I have already covered a few times, started the year on an up note. Unfortunately, it was not so. Unfavorable market environment suppressed its refining margins (despite phenomenal 98% refineries utilization rate), while issues in Libya harmed production, which averaged only 474 kboepd, impacted the Upstream performance, and significantly distorted earnings (net profit decreased by around EUR 140 million as a consequence). All in all, the quarter was mixed. Bearishness of traders in Vienna after the earnings announcement was